ExxonMobil’s China Chairman highlights lower carbon solutions for China
On September 15, ExxonMobil’s China Chairman Fernando Vallina addressed a wide spectrum of audience at a webinar organized by the American Chamber of Commerce in Hong Kong, reinforcing ExxonMobil’s commitment to providing affordable and reliable products that enable modern life while advancing effective solutions to address the risks of climate change.
In his speech titled “Navigating the energy transition”, Fernando discussed the outlook for energy and how ExxonMobil was taking a leading role in providing the products that enable modern life, reducing greenhouse gas (GHG) emissions, and developing and deploying the technologies needed to advance a lower-carbon emissions future. He also shared ExxonMobil’s initiatives on carbon capture and storage, hydrogen and lower-emissions fuels in the Chinese mainland and Hong Kong to support the government’s net zero ambitions.
Fernando pointed out that to achieve the Intergovernmental Panel on Climate Change (IPCC)’s 2°C scenarios, a diverse energy mix by 2040 was expected, with significant growth in low-carbon energy and oil and natural gas remaining essential. Investment in oil and natural gas was thus still needed.
“To help society reach a lower-emissions future, ExxonMobil aims to achieve net-zero Scope 1 and 2 GHG emissions from its operated assets by 2050, and plans to invest more than US$15 billion by 2027 on initiatives to lower GHG emissions,” said Fernando. “The move to a lower-emissions future requires multiple solutions to address the specific needs of different sectors. Thus, policy flexibility is desired for different situations at different places,” he stressed.
The talk ended with a Q&A session where views and ideas were exchanged.